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Tag: Logan Green

  • Lyft Prepares for ‘Probable Recession’ by Laying Off 13% of Staff

    Lyft Prepares for ‘Probable Recession’ by Laying Off 13% of Staff

    Lyft joins the long list of companies laying off employees in preparation for what it calls a “probable recession.”

    According to Fast Company, Lyft CEO Logan Green and President John Zimmer called employees to an all-hands meeting.

    “We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” the executives wrote in an email announcing the meeting. “We worked hard to bring down costs this summer: we slowed, then froze hiring; cut spending; and paused less-critical initiatives. Still, Lyft has to become leaner, which requires us to part with incredible team members.”

    “We are not immune to the realities of inflation and a slowing economy. We need 2023 to be a period where we can better execute without having to change plans in response to external events — and the tough reality is that today’s actions set us up to do that,” Zimmer and Green added. “It’s our responsibility to take ownership of these decisions and, in the end, protect the future we’re building for the drivers and riders we serve.”

    The company says it will give workers 10 weeks of pay, assistance finding other jobs, and healthcare through April 2024.

  • Toyota Acquiring Lyft’s Self-Driving Division

    Toyota Acquiring Lyft’s Self-Driving Division

    Lyft has announced Toyota subsidiary Woven Planet is acquiring its self-driving division, Level 5.

    Autonomous driving is widely considered to be the next major evolution of the auto industry. Unfortunately, autonomous driving has been a difficult technology to crack for companies of all sizes. Tesla recently was called out by Consumer Reports for self-driving tech that’s easily fooled.

    Meanwhile, Level 5 was launched in 2017, with the goal being to have a majority of rides happen in self-driving vehicles by 2021. Instead, Lyft is now selling off its self-driving division after failing to meet those goals. Woven Planet, Toyota’s autonomous driving division, is buying Level 5 for $550 million.

    “Today’s announcement launches Lyft into the next phase of an incredible journey to bring our mission to life,” Lyft Co-Founder and CEO Logan Green said. “Lyft has spent nine years building a transportation network that is uniquely capable of scaling AVs. This partnership between Woven Planet and Lyft represents a major step forward for autonomous vehicle technology.”

    “This acquisition assembles a dream team of world-class engineers and scientists to deliver safe mobility technology for the world,” James Kuffner, CEO of Woven Planet said. “The Woven Planet team, alongside the team of researchers at Toyota Research Institute, have already established a center of excellence for software development, automated driving, and advanced safety technology within the Toyota Group. I am absolutely thrilled to welcome Level 5’s world-class engineers and experts into our company, which will greatly strengthen our efforts.”